SÃO PAULO (From news reports) -- Brazilian pulp and paper producer Klabin SA said Friday it has agreed to sell tracts of forest property for 230 million reais, the equivalent of $44 million.
Klabin didn't provide details on the buyer. The agreement must be approved by Brazilian competition authorities.
The approximately 31 square miles of land contain the equivalent of 3.2 million cubic meters of wood, Klabin said. The company also signed an agreement to buy as much as 2.2 million cubic meters of wood through 2036, Klabin said.
The sale is part the company's forest-supply strategy, and reinforces its asset-management, wood-cost and capital-allocation efforts, Klabin said.
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